Correlation
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What is correlation? What are the different types of correlation? Why is it important to determine correlation?
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A Complete, Neat and Step-by-step Solution is provided in the attached file. The posting helps define correlation, explains different types of correlation and explains why it is important to determine correlation.
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What is correlation? What are the different types of correlation? Why is it important to determine correlation?
Correlation, in simple terms means association. In correlation analysis, we calculate the correlation coefficient which is a measure of the degree of covariablity between X and Y. That is, we try to ascertain the extent of association (strength of association) between X and Y. Correlation is merely a tool to ascertain the degree of relationship between X and Y. We cannot assign cause and effect relationship between X and Y.
Correlation can be positive or negative, strong or weak.
If Y increases (or decreases) as X increases (or decreases), the ...
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